Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

Crypto

<ul><li>We’ve seen enough incidents over the last few months, let alone years, to conclude there is a complete lack of adequate risk management in crypto.</li><li>Throughout the Terra collapse, crypto credit crisis, and spectacular implosion of FTX we have collectively witnessed the industry’s largest (and most opaque) firms become insolvent in an instant. </li><li>This begs the question: where were the basic financial risk controls that are mandatory in any other industry? </li></ul>

We’ve seen enough incidents over the last few months, let alone years, to conclude there is a complete lack of adequate risk management in crypto.Throughout the Terra collapse, crypto credit crisis, and spectacular implosion of FTX we have collectively witnessed the industry’s largest (and most opaque) firms become insolvent in an instant. This begs the question: where were the basic financial risk controls that are mandatory in any other industry? 

Digital Asset Management Firm, Etherbridge

Etherbridge

Digital Asset Management Firm

Etherbridge is a digital asset management firm investing in the value of information and trust

<ul><li>Over the past week and a half, we witnessed the unravelling of the $32 billion empire that was FTX and the fall of its "benevolent" leader Sam Bankman-Fried, otherwise known as SBF.</li><li>This story of overleveraging and outright fraud has formed a part of the bigger crypto debt crisis of 2022.</li><li>This article will explore how this debt crisis has unfolded and how all parties were closely interlinked. </li></ul>

Over the past week and a half, we witnessed the unravelling of the $32 billion empire that was FTX and the fall of its "benevolent" leader Sam Bankman-Fried, otherwise known as SBF.This story of overleveraging and outright fraud has formed a part of the bigger crypto debt crisis of 2022.This article will explore how this debt crisis has unfolded and how all parties were closely interlinked. 

Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

<ul>
<li>Recent concerns on Genesis’ solvency arose after the broker/dealer halted redemptions on its lending unit and was reportedly looking to raise $1 billion of loans from investors.</li>
<li>Contagion fears have extended to Genesis’ parent company, DCG, and its wholly owned Grayscale subsidiary, which has a steady fee generating business via its Bitcoin and ETH trust products.</li>
<li>We analyze the potential arbitrage opportunity for the controversial GBTC convergence trade with its 42.7% discount to NAV.</li>
</ul>


Recent concerns on Genesis’ solvency arose after the broker/dealer halted redemptions on its lending unit and was reportedly looking to raise $1 billion of loans from investors.
Contagion fears have extended to Genesis’ parent company, DCG, and its wholly owned Grayscale subsidiary, which has a steady fee generating business via its Bitcoin and ETH trust products.
We analyze the potential arbitrage opportunity for the controversial GBTC convergence trade with its 42.7% discount to NAV.


An Arbitrage Opportunity? Evaluating the GBTC Convergence Trade

<ul><li>The FTX saga keeps entering new levels of strange.</li><li>On Friday, both FTX and FTX US filed for bankruptcy, along with 134 related entities, highlighting just how tangled the exchange’s corporate web had become.</li><li>Just a few hours later, the exchange suffered what now appears to be a massive hack, with more than $600mn siphoned from both FTX and FTX US wallets, instantly triggering rumors of an inside job. </li></ul>

The FTX saga keeps entering new levels of strange.On Friday, both FTX and FTX US filed for bankruptcy, along with 134 related entities, highlighting just how tangled the exchange’s corporate web had become.Just a few hours later, the exchange suffered what now appears to be a massive hack, with more than $600mn siphoned from both FTX and FTX US wallets, instantly triggering rumors of an inside job. 

<ul><li>First came the Terra collapse. Then the bankruptcies of the centralized lenders.</li><li>And now the (almost certain) insolvency of FTX, one of the largest cryptocurrency exchanges in the world. </li><li>FTX’s collapse has shaken the industry to its core, in part because it is a fundamentally different type of business than a crypto lender like Celsius.</li></ul>

First came the Terra collapse. Then the bankruptcies of the centralized lenders.And now the (almost certain) insolvency of FTX, one of the largest cryptocurrency exchanges in the world. FTX’s collapse has shaken the industry to its core, in part because it is a fundamentally different type of business than a crypto lender like Celsius.

United States

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

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Ethereum (XETUSD CURNCY)

How to Manage Risk in Crypto

We’ve seen enough incidents over the last few months, let alone years, to conclude there is a complete lack of adequate risk management in crypto.

Kaiko

The 2022 Crypto Debt Crisis

Over the past week and a half, we witnessed the unravelling of the $32 billion empire that was FTX and the fall of its "benevolent" leader Sam...

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An Arbitrage Opportunity? Evaluating the GBTC Convergence Trade

Contagion fears have extended to Genesis and its parent DCG and subsidiary Grayscale recently. We examine the arbitrage opportunity for the GBTC...

Rose Choy

Crypto Liquidity in a Post-Alameda World

On Friday, both FTX and FTX US filed for bankruptcy, along with 134 related entities, highlighting just how tangled the exchange’s corporate web...

Kaiko

The FTX Collapse: A Market Analysis

FTX’s collapse has shaken the industry to its core, in part because it is a fundamentally different type of business than a crypto lender like...

Kaiko

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